Many startups I speak with often tell me their IP has other market applications, but they just aren’t ready to go after them now. They are concentrating on one market, building sales and then, at some future point (which they don’t know), they’ll move into another market. The problem is innovation moves very fast. Customers and markets don’t wait for innovation.
Last month, I was a speaker at the Med Tech Monday Conference in Irvine CA. It was a great conference with speakers covering every aspect of the medical technology market – from product development to regulatory approval. I spoke about how to use licensing as a strategy to get your medical device technology into the commercial market. The presentation focused on seven key reasons why licensing is one of the best go-to-market strategies for the med-tech industry – especially for startups.
Launching a startup in today’s marketplace can be a risky cost-intensive venture. Especially if your product or technology is new and unknown. That’s one reason why licensing is a lucrative money making opportunity for your startup. If your startup is lacking IP, licensing is a quick way to acquire it. There is an abundance of market ready IP available from large corporations, universities and research labs. And this can lead to a gold mine opportunity for your startup.
One of the most important and overlooked areas of your start-up is intellectual property. It’s often your most important core asset and the difference between your success and failure in the market. But the question is whether your start-up is managing your IP the right way to succeed in the commercial marketplace. Get it wrong, and your start-up is doomed to failure. Here are top 4 fatal IP mistakes and how your start-up can avoid them.
Figuring out the right exit path and a specific plan to get there is challenging. As a startup, you face many unknown variables in regards to how successful you’ll be in the market. It can’t be done effectively without careful analysis and a clear, realistic vision. Without exception the objective is to sell for the highest possible price. But the problem is most startups often provide overly optimistic or unrealistic assessments of their exit options, and wind up turning off investors.